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Nigeria_Fixed Income: T-bills trades mixed despite higher PMA rate
Market commentary
- The CBN announced an OMO auction offering
N30 billion on the 238DTM bill. However, no sale was eventually made. Interbank placement rates trended higher with the Call rate up 67bps to 4.17%. At the FX interbank market, the Naira depreciated 8kobo to NGN199.05/USD, retracing from an intraday high of NGN198.70/USD.
- Despite the relatively higher rate at yesterday’s PMA, trading in the T-bills market turned mixed. Whilst demand was evident across the short-mid dated maturities (supported by the healthy level of liquidity), cautious trading pattern persisted on the long end. Similarly, trading sentiment turned mixed in the bond market as investors’ cherry picked across maturities amidst speculations around further rise in monthly inflation figure. Whilst yield on the 14.20% FGN MAR 2024 bond declined 9bps to 13.13%, the yield on the 16.39% FGN JAN 2022 bond advanced 10bps to 12.94%.
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